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11/26/2019, 5:25 PM (Source: TeleTrader)
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OPEC to extend oil cut deal for 3-6 months - report

The Organization of the Petroleum Exporting Countries (OPEC) is considering to extend the oil output cut deal that expires in March 2020, sources familiar with the matter told TASS on Tuesday. According to the report, OPEC and OPEC+ members both agreed to prolong the agreement for three to six months, but the final decision hasn't been made yet.

"Then there will be a new meeting, we will decide what to do next," a source told TASS, referring to the forthcoming OPEC members' meetings in Vienna on December 5-6.

Previously, Oman's Oil Minister Mohammed bin Hamad al-Rumhy asserted that the agreement on the reduction of the output that was implemented last December will be probably extended.

Breaking the News / GA